The Post 'Great Recession' US Economy--Implications for Finan

mmdzz

作者：Philip Arestis, Elias Karakitsos
文件大小：2.20 MB
文件类型：pdf，文字型
语言：英语
出版：Palgrave Macmillan，2010年
页数：352
有书签

内容简介：
The asset and debt deflation process (or the economics of depression as they are labelled by Krugman, 2008) is little understood and even less appreciated, in both theory and policy. However, it is precisely this process that has been relevant since the early 1990s, first with balance sheet problems in the corporate sector (the 1991 cycle), then with balance sheet problems in the personal sector (the 2001 cycle) and now (the 2008 cycle) with balance sheet problems in the banking and personal sectors. Alan Greenspan, the ex- governor of the Federal Reserve System (the Fed), was the first to recognise that the 1990s were different than what had gone before when he characterised the rally in equities in 1996 as ‘irrational exuberance’. Economic theory and business cycle analysis treats the last three cycles (including the current one) as not different from previous ones. Furthermore in dealing with the past three cycles policymakers have also applied the same medicine as in other cycles.
The US is slowly recovering from the aftermath of the burst of the 'new economy' bubble - which was one of the worst in monetary history. In this updated edition, Philip Arestis and Elias Karakitsos examine the causes and consequences of the burst of the 'new economy' bubble and investigate the impact on financial markets.
无论是经济理论界还是决策圈都对资产及债务型通缩认识不足。然而，从上世纪90年代初开始，这种通缩就开始成为影响美国经济的重要因素，其影响首先表现在企业部门的财务问题（结束于1991年的经济周期），而后是居民部门的财务问题（2001年周期），最后是当前的银行部门和居民部门财务问题（2008年周期）。
基于这一视角，本文讨论了“新经济”泡沫破裂的原因与后果，及其对金融市场的影响。

目录
Prolegomena
Preface
Introduction
The Causes and Consequences of the Internet Bubble
The Current Financial Crisis and the Origins of Excessive Liquidity
Wages and Prices and the Proper Conduct of Monetary Policy
Corporate Profits and Relationship to Investment
Long-Term Risks of Investment Recovery
The Housing Market and Residential Investment
Long-Term Risks of Robust Consumer Behaviour
Foreign Demand
The US External Imbalance and the Dollar: A Long-Term View
The Long-term Risks to Financial Markets
Bibliography

地址：
http://u.115.com/file/f8ab1fd70a